WCT Bhd is targeting an order book of RM2bil this year in addition to its existing order book of about RM3.2bil, which will be a combination of local and overseas contracts.
Deputy managing director Goh Chin Liong said the company was bidding for contracts that are worth between RM7bil and RM8bil currently, which included the construction of bridges, government offices and highways in the Middle East.
“Locally, we are bidding for light rail transit projects. We are looking for some projects in Brunei as well,” he told a press conference after the company AGM yesterday.
He added that its current order book of RM3.2bil could last for the next two years.
According to its annual report, the company's construction team had last year secured new contracts in the Middle East and Malaysia that totalled RM3.4bil with WTC's portion amounting to RM2.7bil.
Chairman Datuk Capt Ahmad Sufian said the business environment was still challenging and it wished to achieve a better performance than previously.
Goh said the company was cautiously optimistic on the market performance this year but it was expected to do better than last year in general, barring unforeseen circumstances.
On the arbitration process in Dubai against Meydan LLC, Ahmad said the process, which had been conducting for about a year, was still on-going.
“We are trying to recover whatever we think that are entitled to us, one of them being the performance bond,” Goh said.
Performance bond is a bond that is issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract.
The company announced in January last year that its joint venture (JV) with Arabtec Construction LLC had been given cancellation notice by Meydan LLC relating to the construction of the Nad Al Sheba Dubai Racecourse worth about RM4.6bil.
Subsequent to the cancellation, Meydan had called on the performance bond and advance payment bond provided by the JV.
WTC and Arabtec Construction had then instituted a civil suit and initiated the arbitration process in Dubai against Meydan for breach of contract and to enforce the JV's rights and remedies, including the recovery of all amounts due under the contract as well as damages.
Deputy managing director Goh Chin Liong said the company was bidding for contracts that are worth between RM7bil and RM8bil currently, which included the construction of bridges, government offices and highways in the Middle East.
“Locally, we are bidding for light rail transit projects. We are looking for some projects in Brunei as well,” he told a press conference after the company AGM yesterday.
He added that its current order book of RM3.2bil could last for the next two years.
According to its annual report, the company's construction team had last year secured new contracts in the Middle East and Malaysia that totalled RM3.4bil with WTC's portion amounting to RM2.7bil.
Chairman Datuk Capt Ahmad Sufian said the business environment was still challenging and it wished to achieve a better performance than previously.
Goh said the company was cautiously optimistic on the market performance this year but it was expected to do better than last year in general, barring unforeseen circumstances.
On the arbitration process in Dubai against Meydan LLC, Ahmad said the process, which had been conducting for about a year, was still on-going.
“We are trying to recover whatever we think that are entitled to us, one of them being the performance bond,” Goh said.
Performance bond is a bond that is issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract.
The company announced in January last year that its joint venture (JV) with Arabtec Construction LLC had been given cancellation notice by Meydan LLC relating to the construction of the Nad Al Sheba Dubai Racecourse worth about RM4.6bil.
Subsequent to the cancellation, Meydan had called on the performance bond and advance payment bond provided by the JV.
WTC and Arabtec Construction had then instituted a civil suit and initiated the arbitration process in Dubai against Meydan for breach of contract and to enforce the JV's rights and remedies, including the recovery of all amounts due under the contract as well as damages.
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